Florence Federal Credit Union Mortgage Rates, Fees & Info
Florence, ALLEI: 254900L8E0QUT5VH5G34
Tax ID: 63-0439839
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Florence Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Florence Federal Credit Union has a high proportion of conventional loans.Florence Federal Credit Union has an average approval rate when compared to the average across all lenders. Florence Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
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Originations
8Origination Dollar Volume (All Markets)
$970,000Relative Rate
Florence Federal Credit Union's average 30 year fixed mortgage rate was
6.5%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.02%.
Relative Fees (Closing Costs)
Florence Federal Credit Union's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,148.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Outside of Metro Areas | 8 | $970,000 | $121,250 | $3,027 | 6.88% |
Similar Lenders
We use machine learning to identify the top lenders compared against Florence Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 8 | $970,000 | $121,250 | $3,027 | 6.88% |
For 2023, Florence Federal Credit Union's most frequently originated type of loan was Conventional, with 8 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 6 | $720,000 | $120,000 | $3,200 | 6.84% |
| Home Purchase | 2 | $250,000 | $125,000 | $2,507 | 7.00% |
For 2023, Florence Federal Credit Union's most frequently cited loan purpose was Refi, with 6 originations. The 2nd most popular reason was Home Purchase, with 2 originations.
Loan Duration/Length
For 2023, Florence Federal Credit Union's most frequently cited loan duration was 15 Year, with 3 originations. The 2nd most popular length was 20 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 4 | $180,000 | $45,000 |
| $2k-3k | 3 | $655,000 | $218,333 |
| $1k-2k | 1 | $135,000 | $135,000 |
Florence Federal Credit Union's average total fees were $4,148, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 5 | $605,000 | $121,000 |
| 7-8% | 3 | $365,000 | $121,667 |
During 2023, Florence Federal Credit Union's average interest rate for loans was 6.50%, while their most frequently originated rate bucket for loans was 6-7%, with 5 originations.
Loan Sizing
2023 saw Florence Federal Credit Union place emphasis on $100,000 or less loans with 4 originations, totaling $180,000 in origination value.
Applicant Income
Florence Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 3 originations. The second most popular income band? $50k-75k, with 2 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 3 | $115,000 | $38,333 | $2,135 | 6.85% |
| 20-30% | 3 | $655,000 | $218,333 | $4,015 | 6.75% |
| 30-36% | 2 | $200,000 | $100,000 | $2,883 | 7.13% |
Florence Federal Credit Union lent most frequently to those with DTI ratios of <20%, with 3 originations. The next most common DTI ratio? 20-30%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Black | 6 | $720,000 | $120,000 | $2,810 | 6.96% |
| White | 2 | $250,000 | $125,000 | $3,678 | 6.65% |
Approval Rates
Total approvals of all applications88.89%
Florence Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 8 | $970,000 | $121,250 |